October 23, 2025 • 18 mins
On today's podcast:
1) Oil rallied after the Trump administration announced sanctions on Russia’s biggest oil producers, rolling out its first major package of financial punishments on President Vladimir Putin’s economy as part of a fresh bid to end the war in Ukraine. The Treasury Department blacklisted state-run oil giant Rosneft PJSC and Lukoil PJSC because of “Russia’s lack of serious commitment to a peace process to end the war in Ukraine,” according to a statement on Wednesday. The sanctions mark a U-turn for Trump, who had announced last week he would meet Putin in the coming weeks and said repeatedly he believed Russia wanted to end the war.
2) Chinese Vice Premier He Lifeng plans to meet with US officials in Kuala Lumpur from Oct. 24 to 27 for the next round of trade talks, aimed at defusing a standoff between the world’s two largest economies. The meeting will take place in the Malaysian capital to “discuss important issues” in the bilateral trade ties, the Commerce Ministry said in a Thursday statement. He, Beijing’s top trade negotiator, held a call with Treasury Secretary Scott Bessent last week ahead of the planned in-person summit.
3) Former New York Governor Andrew Cuomo sought to cast State Assemblyman Zohran Mamdani as a frontrunner unprepared to actually be mayor of the largest US city in the final debate before New York City’s mayoral election. Mamdani, the 34-year-old Queens state lawmaker and democratic socialist, shocked New York City’s establishment when he won the Democratic primary for mayor in June, besting Cuomo by more than 12 points in a race where nearly every poll predicted Cuomo would win. The debate comes as some Republicans and prominent donors are calling upon GOP candidate Curtis Sliwa, founder of the Guardian Angels, to exit the race in order to help improve Cuomo’s odds against Mamdani.
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
And Karen, that jump in oil this morning comes as
President Donald Trump is ramping up pressure on his Russian counterpart,
Vladimir Putin to negotiate an end to the war in Ukraine.
The US has announced sanctions on Russia's biggest oil producers,
state run Giant Rosneft and Luke Oil. The sanctions mark
a u turn for President Trump, who just last week
announced he wanted to meet with Putin in the coming weeks. Now,
(00:37):
he says he doesn't want a wasted meeting.
Speaker 4 (00:40):
We canceled the meeting with President Putin. It just it
didn't feel right to me. It didn't feel like we
were going to get to the place we have to get.
So I canceled it. But we'll do it in the future.
Speaker 5 (00:50):
Mister President, can you tell us a little bit about
why you're elevating sanctions against Russia right now?
Speaker 4 (00:56):
I just felt it was time. We've waited a long time.
I thought that go long before the Middle East.
Speaker 3 (01:02):
That was President Trump speaking of the White House, and
this morning the European Union has joined the US with
its own new sanctions package targeting Russia's energy infrastructure.
Speaker 2 (01:11):
We have new developments, Nathan. This morning. On the trade front, China,
says Vice Premier Holly Fong plans to meet with US officials,
including Treasury Secretary Scott Bessant and Kuala Lumpur tomorrow for
the next round of talks the trade truce that's currently
in place. It's set to expire on November tenth. The
meeting comes as both sides have escalated retaliatory measures in
(01:31):
recent weeks. Talks are expected later this month between she
and President Donald Trump on the sidelines of the Asia
Pacific Economic Cooperation Leader Summit in South Korea.
Speaker 3 (01:41):
Well back here in New York, Karen, The final debate
for mayor is in the books, and Bloomberg's John Tucker
joins us with the recap.
Speaker 6 (01:48):
John, good morning, and good morning, Nathan.
Speaker 7 (01:50):
Former Governor Andrew Cuomoles sought a cast front runner and
Democratic Socialists or on Bondati is inexperienced, an unprepared affordable
housing is just one issue on which they clashed.
Speaker 4 (02:02):
I understand my friend doesn't really understand government.
Speaker 8 (02:06):
The governor doesn't build housing in New York City.
Speaker 6 (02:09):
Not if it's you.
Speaker 9 (02:09):
No.
Speaker 3 (02:11):
No, Legally, there are jurisdictions.
Speaker 7 (02:13):
The Republican Curtis Sleewah was quick to remind everybody that
Cuomo left office under a cloud of sex harassment allegations.
Speaker 6 (02:20):
Andrew, you didn't leave. You fled from being impeached by.
Speaker 10 (02:24):
The Democrats from the state legislature.
Speaker 6 (02:29):
You fled well.
Speaker 7 (02:30):
Trailing in the polls, Sleewa is under pressure to drop
out and support Cuomo, a reason New York Post headline
read just walk away Beret, referring to Sleewa's signature red beret.
After the debate ended, political betting market Polymarket showed Mom
Donnie with a ninety three percent chance of becoming mayor
and Cuomo with a five point seven percent shot, little
(02:52):
change from the weeks prior. The early voting starts Saturday
in New Yorkcome John Tucker, Bloomberg Radio.
Speaker 2 (02:57):
All right, John, thank you now. We want to get
the latest on the government shutdown. It's day twenty three
of the funding impass in Washington, and a divide may
be forming in the Republican Party on how to end it.
Members of the ultra conservative House Freedom Caucus are pushing
for a long term stop gap spending bill that could
run well into next year, but House Speaker Mike Johnson
(03:18):
has said he wants to negotiate individual spending bills for
the fiscal year that began this month that would probably
require another short term stop gap. House Ways and Means
Chairman Jason Smith says the longer term stop gap may
be the way to go.
Speaker 5 (03:33):
I've been hearing this conversation from Senators, from House members
that a cr not just for a year, but to
December first of next year. This has been conversations that
I've been hearing in.
Speaker 2 (03:44):
Washington, d C. House Ways and Means Chair Jason Smith
discussed the issue on Bloomberg's balance of power. The current
stop gap that the Senate has repeatedly failed to pass,
would expire on November twenty. First stay with Bloomberg, will
hear more from Democrats on the shutdown, and House Minority
Leader Hakim Jeffrey speaks with the Bloomberg's David Gera in Washington.
(04:05):
You can catch that conversation today at noon Wall Street
time on Bloomberg Radio and the Bloomberg podcast page on YouTube.
Speaker 9 (04:13):
Well.
Speaker 3 (04:13):
Meanwhile, the White House Karen President Trump's plans for a
massive ballroom at the Executive Mansion. I've gotten a lot
more extensive than he originally planned. The President now says
he will have to demolish the entire East Wing to
make way for the project.
Speaker 4 (04:26):
We are using little sections of footings and various other things,
but that's sort of irrelevant. In order to do it properly,
we had to take down the existing structure.
Speaker 3 (04:35):
And President Trump also says the cost is now up
to three hundred million dollars. Last summer he pegged did
at two hundred million, but he says it'll be paid
for by himself and private donors. The National Trust for
Historic Preservation is calling on the President to pause the
East Wing demolition so it can go through public review.
The group is also expressing concern that the size of
the ballroom will overwhelm the White House itself.
Speaker 2 (04:58):
Nathan, let's turn out to the markets earnings and shares
of Tesla. They're down almost three percent in early trading.
Profit plunged as rising costs undercut a record quarter of
vehicle sales. CEO Elon Musk spent the end of Tesla's
earnings call pleading with investors to ratify his upcoming one
trillion dollar pay package. He also blasted these shareholder advisory
(05:21):
firms that have come out against the plan.
Speaker 8 (05:23):
Like I said, I just don't feel comfortable building Robotomi
here and then you know, being ousted because of some
asline recommendations from Iss and Glasslewis who have no freaking clue.
I mean, those guys are corporate terrorists.
Speaker 2 (05:38):
And shareholders will vote on Elon Musk's pay package at
Tesla's annual meeting on November sixth in Austin.
Speaker 3 (05:44):
Well, it's a different stock story at Volvo this morning, Karen.
Those shares are zooming higher this morning by thirty three percent.
The Swedish automaker reported better than expected profit in the
third quarter, benefiting from its nearly two billion dollar cost
saving program.
Speaker 2 (06:00):
All Street Nathan bonuses are expected to hit a record
this year, and Bloomberg's Lisa Matteo has the details from
New York. Lisa, Good morning, Good morning, Karen, So after
a long drought big banks, while they've been pulling in
profits from soaring stocks or return.
Speaker 11 (06:13):
To more deal making. An annual report from New York
State Controller Thomas de Napoli will it shows profits at
the one hundred and thirty firms that belonged to the
New York Stock Exchange reached thirty point four billion dollars
in the first half of the year, and we'll hit
the highest level on record if that pace continues, which
means higher bonuses. Compensation expenses increased by almost ten percent
(06:35):
in the first half of twenty twenty five from the
prior year. Bonuses hit a record last year, with the
average reaching two hundred and forty four thousand, seven hundred dollars.
Lisa Mateo Bloomberg Radio.
Speaker 2 (06:49):
Time Now for look at some of the other stories
making news in New York and around the world, and
for that we're joined by Bloomberg's Michael Barr. Michael, good morning,
Good morning, Karen.
Speaker 9 (06:57):
The US military has launched its ninth stride against an
alleged drug carrying vessel, killing three people in the waters
off the Eastern Pacific Ocean. Defense Secretary Pete Hexath announced
the strike on social media last night. It further expands
the Trump Administration's campaign against drug trafficking in South America.
Wednesday strike followed a strike Tuesday night, also in the
(07:21):
Eastern Pacific that killed two people at the White House.
President Trump said the strikes could expand even more.
Speaker 4 (07:27):
We will hit them very hard when they come in
by land, and they haven't experienced that yet, but now
we're totally prepared.
Speaker 1 (07:34):
To do that.
Speaker 3 (07:35):
We'll probably go back to.
Speaker 4 (07:36):
Congress and explain exactly what we're doing when we come
to the land.
Speaker 10 (07:41):
We don't have to do that.
Speaker 9 (07:42):
The attacks were departures from the seven preview issue WES
strikes that had targeted vessels in the Caribbean. They bring
the death toll to at least thirty seven from attacks
that began last month. Vice President JD Vance is seeking
to ease concerns in Israel that the Trump administration is
dick tating terms to its closest ally in the Middle East.
(08:03):
He and other top US envoys are visiting Israel this
week to support the Gaza ceasefire agreement. Secretary of State
Marco Rubio will meet with Prime Minister Benjamin Netanyahu in
Israel on Friday. Rubio expressed optimism about the peace deal.
We feel good.
Speaker 5 (08:20):
We have a real opportunity to confront and solve those
challenges and take advantage of the historic opportunities that this
peace deal presents.
Speaker 9 (08:27):
The ceasefire that began on October tenth continues to hold
new clues in the search for the thieves who broke
into the Louver last weekend in Paris, stealing some of
the crown Jewels of France. Investigators in Paris say they
found traces of DNA on a helmet and glove left
behind by the thieves who made off with more than
(08:48):
one hundred million dollars in jewels from the Louver Sunday.
The DNA now being analyzed in the hopes of identifying
the suspects. Broadway musicians say if a settlement is not
reach during negotiations by some time this morning, they will
go on strike. They have been without a contract since
the end of August. Nearly twelve hundred musicians say they
(09:10):
have not gotten fair working editions as Broadway thrives global
news twenty four hours a day and whenever you want
it with the Bloomberg News. Now, I'm Michael Barr, and
this is Bloomberg Karen.
Speaker 6 (09:23):
Thanks Michael.
Speaker 2 (09:24):
Time now for our Bloomberg Sports update, and for that
we bring in John Stashauer.
Speaker 10 (09:28):
Thanks. Garren, the new manager of the San Francisco Giants
has never worked in professional Baseball before forty seven year
old Tony Vattello gets the Giants job after being the
head coach at the University of Tennessee. He's the first
to go directly from a college job to the major Ladies.
Giants haven't made the playoffs the last four years in
the last nine. Vittella replaces Bob Melvine. World Series starts
(09:50):
tomorrow in Toronto. The Blue Jays have yet to name
their game one start of The Dodgers are going with
Blake Snell. Vikings and Chargers play tonight to start Week eight.
That's your Bloomberg Sports Update.
Speaker 2 (10:00):
Stay with us more from Bloomberg day Break coming up after.
Speaker 1 (10:04):
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business Appum. This is Bloomberg Daybreak.
Speaker 3 (10:18):
Good morning, I'm Nathan Hager. It is a major new
bid to pressure Russia to end its war in Ukraine,
a major reversal for President Trump slapping sanctions on Russia's
two biggest oil producers, Rosneft and Luke Oil to try
to bring Vladimir Putin to the table. With Ukraine's Voladimir Selenski.
Speaker 4 (10:35):
These are tremendous sanctions. He's a very big there against
their two big oil companies. And we hope that they
won't be on for long. We hope that the war
will be settled.
Speaker 3 (10:45):
I was President Trump announcing the sanctions at the White House.
For more, we're joined this morning from Brussels by Bloomberg's
Richard Bravo. Richard, good morning. The President says, these sanctions
are big. How big are they? Walk us through what
the impact could be?
Speaker 6 (10:58):
Hi, Yes, this is a big deal. And what we're
seeing now is a coordinated push by Western allies, the EU,
the US, and the UK to really tighten the screws
on Vladimir put Putin and try to bring him to
the negotiating table. In their eyes, they really want to
get a cease fire, something which Trump has been pushing
(11:20):
for but has not been able to attain yet. So
the fact that Trump for the very first time is
imposing sanctions directly on Russia, it's a very big deal.
And we're seeing this is a European Union summit today
in Brussels. The leaders are very happy that this is happening,
and they see this as potentially a big move in
(11:43):
trying to convince Moscow to change its course.
Speaker 3 (11:46):
And in terms of that coordination, the European Union has
announced another round of sanctions of its own.
Speaker 6 (11:51):
Right, that's exactly right. This is the nineteenth package of sanctions,
which were adopted a little bit earlier this morning, just
hours after Trump made his announcement. And this also is
a very big deal. The ban will ban LNG imports
from twenty twenty seven. It will add more than one
(12:13):
hundred shadow fleet vessels to the sanctions list, and interestingly,
it will also target third countries that are helping Russia
evade sanctions, including Chinese companies. So a really big push
to try and change Putin's mind about how he's waging
(12:35):
this war.
Speaker 3 (12:35):
And we're seeing a big reaction in the oil market
as well, with both West sexis intermediate and brentcurtub about
five percent in the session just this morning. It's a
pretty big reversal from the previous stance of just capping
the price of Russian oil without trying to affect the flows.
Is this the kind of thing that could blow back
on Western economies.
Speaker 6 (12:55):
Well, what we don't know is how much Washington coordinated
with Brussels and other European countries, and as you say,
it is a surprise because we've seen countries like Germany
really pushed back against this kind of move because they
don't want it to blow back against their industry. What
is not known right now is what degree of coordination
(13:17):
there was before Trump made his announcement and whether these
countries were included and if we do see any pushback,
but right now we haven't seen anything just yet.
Speaker 3 (13:29):
This is the kind of thing as well that could
affect obviously buyers of Russian oil. President Trump has been
very critical, particularly of India and to some respects China
as well. What kind of impact could this have on
them and on the ongoing trade talks between the US
and those countries well.
Speaker 6 (13:48):
As is always the case with sanctions, it really comes
down to enforcement and if the US and its Western
allies do enforce these sanctions, and they do really go
after imposing secondary sanctions as you mentioned, on countries like
India and China, and this could have a very massive
effect and obviously that will trickle into any kind of
(14:10):
political discussions being had over things like trade. This is
a very big step and in terms of the EU sanctions.
We've seen China already push back against them, saying that
these are illegal moves, so we can definitely expect a
lot more on that front, is that they unfold.
Speaker 3 (14:29):
So you're raising the question about enforcement. Does that raise
a question for you about the seriousness of these sanctions
whether they will indeed be enforced not just by the
US but by the European Union.
Speaker 6 (14:41):
Well, that really remains to be seen, but all indications
are that they really want to tighten the screws, and
the US didn't need to do this, So it would
stand to reason that this is a move to try
and actually bring Putin to the table in a way
that he hasn't come before. So I think everyone is
(15:04):
expecting that this time things are a little bit different
than they really are tightening up measures.
Speaker 3 (15:11):
Well, that is the ultimate question, isn't it. Because we've
seen so many sanctions package is levied against Russia over
the last nearly four years now of this war, and
the Russian economy, as battered as it's been, has still
managed to work its way through the punishments that have
been put out there all this time. What's the likelihood
(15:33):
that Russia could sort of wiggle its way out from
under this latest round of sanctions.
Speaker 6 (15:38):
Well, that really is a million dollar question. And as
you mentioned, Putin is very good at evading sanctions. But
what does feel different this time is the US is
not sanctioned. Rose napped in Luke oil before, and these
are Russia's two largest oil producers. So the potential impact
(15:59):
is very, very big. But it does remain to be
seen what happens on the enforcement side.
Speaker 3 (16:04):
As far as the reaction that we're hearing from the
rest of the world. What are we hearing from Ukraine,
What are we hearing from some of the oil producers.
Have we gotten some of that response at this point.
Speaker 6 (16:15):
I've not seen reactions from the oil producers yet. But
Zelenski is attending the European summit in Brussels today and
on his way into the meeting, he seemed very pleased
with the moves and he applauded the joint effort to
bring Putin to task, and he said the American sanctions
(16:37):
are very important and that it's a good signal to
other countries around the world that they also need to
join this joint effort.
Speaker 3 (16:45):
And of course this is coming after the Ukrainian leader
was left sort of empty handed on the question of
getting tomahawk missiles from the US and his last meetings
with President Trump. In our last minute here, what does
that mean for the war going forward? It's still seems
like it could be a pretty complicated dance here.
Speaker 6 (17:03):
Well, negotiating with Donald Trump is always complicated, and he
seems to swing back and forth in terms of his
support for Ukraine and then battering Zelenski. So the EU
is really putting forward a concerted effort to try and
just keep pressing, pressing Trump and trying to bring him
on board, and it seems to work sometimes and then
(17:26):
he sort of swings back to the other side of
the pendulum. But right now Zelenski seems happy, the EU
leaders seem happy, So we'll have to see if it
sticks for a little bit longer this time.
Speaker 2 (17:37):
This is Bloomberg Daybreak, your morning podcast and the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (17:44):
Look for us on your podcast feed by six am
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Speaker 2 (17:50):
You can also listen live each morning starting at five
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Speaker 6 (18:04):
Plus.
Speaker 3 (18:05):
Listen coast to coast on the Bloomberg Business App now
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Speaker 2 (18:10):
And don't forget to subscribe to Bloomberg News Now. It's
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platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (18:23):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Day Bray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
And Karen, that jump in oil this morning comes as
President Donald Trump is ramping up pressure on his Russian counterpart,
Vladimir Putin to negotiate an end to the war in Ukraine.
The US has announced sanctions on Russia's biggest oil producers,
state run Giant Rosneft and Luke Oil. The sanctions mark
a u turn for President Trump, who just last week
announced he wanted to meet with Putin in the coming weeks. Now,
(00:37):
he says he doesn't want a wasted meeting.
Speaker 4 (00:40):
We canceled the meeting with President Putin. It just it
didn't feel right to me. It didn't feel like we
were going to get to the place we have to get.
So I canceled it. But we'll do it in the future.
Speaker 5 (00:50):
Mister President, can you tell us a little bit about
why you're elevating sanctions against Russia right now?
Speaker 4 (00:56):
I just felt it was time. We've waited a long time.
I thought that go long before the Middle East.
Speaker 3 (01:02):
That was President Trump speaking of the White House, and
this morning the European Union has joined the US with
its own new sanctions package targeting Russia's energy infrastructure.
Speaker 2 (01:11):
We have new developments, Nathan. This morning. On the trade front, China,
says Vice Premier Holly Fong plans to meet with US officials,
including Treasury Secretary Scott Bessant and Kuala Lumpur tomorrow for
the next round of talks the trade truce that's currently
in place. It's set to expire on November tenth. The
meeting comes as both sides have escalated retaliatory measures in
(01:31):
recent weeks. Talks are expected later this month between she
and President Donald Trump on the sidelines of the Asia
Pacific Economic Cooperation Leader Summit in South Korea.
Speaker 3 (01:41):
Well back here in New York, Karen, The final debate
for mayor is in the books, and Bloomberg's John Tucker
joins us with the recap.
Speaker 6 (01:48):
John, good morning, and good morning, Nathan.
Speaker 7 (01:50):
Former Governor Andrew Cuomoles sought a cast front runner and
Democratic Socialists or on Bondati is inexperienced, an unprepared affordable
housing is just one issue on which they clashed.
Speaker 4 (02:02):
I understand my friend doesn't really understand government.
Speaker 8 (02:06):
The governor doesn't build housing in New York City.
Speaker 6 (02:09):
Not if it's you.
Speaker 9 (02:09):
No.
Speaker 3 (02:11):
No, Legally, there are jurisdictions.
Speaker 7 (02:13):
The Republican Curtis Sleewah was quick to remind everybody that
Cuomo left office under a cloud of sex harassment allegations.
Speaker 6 (02:20):
Andrew, you didn't leave. You fled from being impeached by.
Speaker 10 (02:24):
The Democrats from the state legislature.
Speaker 6 (02:29):
You fled well.
Speaker 7 (02:30):
Trailing in the polls, Sleewa is under pressure to drop
out and support Cuomo, a reason New York Post headline
read just walk away Beret, referring to Sleewa's signature red beret.
After the debate ended, political betting market Polymarket showed Mom
Donnie with a ninety three percent chance of becoming mayor
and Cuomo with a five point seven percent shot, little
(02:52):
change from the weeks prior. The early voting starts Saturday
in New Yorkcome John Tucker, Bloomberg Radio.
Speaker 2 (02:57):
All right, John, thank you now. We want to get
the latest on the government shutdown. It's day twenty three
of the funding impass in Washington, and a divide may
be forming in the Republican Party on how to end it.
Members of the ultra conservative House Freedom Caucus are pushing
for a long term stop gap spending bill that could
run well into next year, but House Speaker Mike Johnson
(03:18):
has said he wants to negotiate individual spending bills for
the fiscal year that began this month that would probably
require another short term stop gap. House Ways and Means
Chairman Jason Smith says the longer term stop gap may
be the way to go.
Speaker 5 (03:33):
I've been hearing this conversation from Senators, from House members
that a cr not just for a year, but to
December first of next year. This has been conversations that
I've been hearing in.
Speaker 2 (03:44):
Washington, d C. House Ways and Means Chair Jason Smith
discussed the issue on Bloomberg's balance of power. The current
stop gap that the Senate has repeatedly failed to pass,
would expire on November twenty. First stay with Bloomberg, will
hear more from Democrats on the shutdown, and House Minority
Leader Hakim Jeffrey speaks with the Bloomberg's David Gera in Washington.
(04:05):
You can catch that conversation today at noon Wall Street
time on Bloomberg Radio and the Bloomberg podcast page on YouTube.
Speaker 9 (04:13):
Well.
Speaker 3 (04:13):
Meanwhile, the White House Karen President Trump's plans for a
massive ballroom at the Executive Mansion. I've gotten a lot
more extensive than he originally planned. The President now says
he will have to demolish the entire East Wing to
make way for the project.
Speaker 4 (04:26):
We are using little sections of footings and various other things,
but that's sort of irrelevant. In order to do it properly,
we had to take down the existing structure.
Speaker 3 (04:35):
And President Trump also says the cost is now up
to three hundred million dollars. Last summer he pegged did
at two hundred million, but he says it'll be paid
for by himself and private donors. The National Trust for
Historic Preservation is calling on the President to pause the
East Wing demolition so it can go through public review.
The group is also expressing concern that the size of
the ballroom will overwhelm the White House itself.
Speaker 2 (04:58):
Nathan, let's turn out to the markets earnings and shares
of Tesla. They're down almost three percent in early trading.
Profit plunged as rising costs undercut a record quarter of
vehicle sales. CEO Elon Musk spent the end of Tesla's
earnings call pleading with investors to ratify his upcoming one
trillion dollar pay package. He also blasted these shareholder advisory
(05:21):
firms that have come out against the plan.
Speaker 8 (05:23):
Like I said, I just don't feel comfortable building Robotomi
here and then you know, being ousted because of some
asline recommendations from Iss and Glasslewis who have no freaking clue.
I mean, those guys are corporate terrorists.
Speaker 2 (05:38):
And shareholders will vote on Elon Musk's pay package at
Tesla's annual meeting on November sixth in Austin.
Speaker 3 (05:44):
Well, it's a different stock story at Volvo this morning, Karen.
Those shares are zooming higher this morning by thirty three percent.
The Swedish automaker reported better than expected profit in the
third quarter, benefiting from its nearly two billion dollar cost
saving program.
Speaker 2 (06:00):
All Street Nathan bonuses are expected to hit a record
this year, and Bloomberg's Lisa Matteo has the details from
New York. Lisa, Good morning, Good morning, Karen, So after
a long drought big banks, while they've been pulling in
profits from soaring stocks or return.
Speaker 11 (06:13):
To more deal making. An annual report from New York
State Controller Thomas de Napoli will it shows profits at
the one hundred and thirty firms that belonged to the
New York Stock Exchange reached thirty point four billion dollars
in the first half of the year, and we'll hit
the highest level on record if that pace continues, which
means higher bonuses. Compensation expenses increased by almost ten percent
(06:35):
in the first half of twenty twenty five from the
prior year. Bonuses hit a record last year, with the
average reaching two hundred and forty four thousand, seven hundred dollars.
Lisa Mateo Bloomberg Radio.
Speaker 2 (06:49):
Time Now for look at some of the other stories
making news in New York and around the world, and
for that we're joined by Bloomberg's Michael Barr. Michael, good morning,
Good morning, Karen.
Speaker 9 (06:57):
The US military has launched its ninth stride against an
alleged drug carrying vessel, killing three people in the waters
off the Eastern Pacific Ocean. Defense Secretary Pete Hexath announced
the strike on social media last night. It further expands
the Trump Administration's campaign against drug trafficking in South America.
Wednesday strike followed a strike Tuesday night, also in the
(07:21):
Eastern Pacific that killed two people at the White House.
President Trump said the strikes could expand even more.
Speaker 4 (07:27):
We will hit them very hard when they come in
by land, and they haven't experienced that yet, but now
we're totally prepared.
Speaker 1 (07:34):
To do that.
Speaker 3 (07:35):
We'll probably go back to.
Speaker 4 (07:36):
Congress and explain exactly what we're doing when we come
to the land.
Speaker 10 (07:41):
We don't have to do that.
Speaker 9 (07:42):
The attacks were departures from the seven preview issue WES
strikes that had targeted vessels in the Caribbean. They bring
the death toll to at least thirty seven from attacks
that began last month. Vice President JD Vance is seeking
to ease concerns in Israel that the Trump administration is
dick tating terms to its closest ally in the Middle East.
(08:03):
He and other top US envoys are visiting Israel this
week to support the Gaza ceasefire agreement. Secretary of State
Marco Rubio will meet with Prime Minister Benjamin Netanyahu in
Israel on Friday. Rubio expressed optimism about the peace deal.
We feel good.
Speaker 5 (08:20):
We have a real opportunity to confront and solve those
challenges and take advantage of the historic opportunities that this
peace deal presents.
Speaker 9 (08:27):
The ceasefire that began on October tenth continues to hold
new clues in the search for the thieves who broke
into the Louver last weekend in Paris, stealing some of
the crown Jewels of France. Investigators in Paris say they
found traces of DNA on a helmet and glove left
behind by the thieves who made off with more than
(08:48):
one hundred million dollars in jewels from the Louver Sunday.
The DNA now being analyzed in the hopes of identifying
the suspects. Broadway musicians say if a settlement is not
reach during negotiations by some time this morning, they will
go on strike. They have been without a contract since
the end of August. Nearly twelve hundred musicians say they
(09:10):
have not gotten fair working editions as Broadway thrives global
news twenty four hours a day and whenever you want
it with the Bloomberg News. Now, I'm Michael Barr, and
this is Bloomberg Karen.
Speaker 6 (09:23):
Thanks Michael.
Speaker 2 (09:24):
Time now for our Bloomberg Sports update, and for that
we bring in John Stashauer.
Speaker 10 (09:28):
Thanks. Garren, the new manager of the San Francisco Giants
has never worked in professional Baseball before forty seven year
old Tony Vattello gets the Giants job after being the
head coach at the University of Tennessee. He's the first
to go directly from a college job to the major Ladies.
Giants haven't made the playoffs the last four years in
the last nine. Vittella replaces Bob Melvine. World Series starts
(09:50):
tomorrow in Toronto. The Blue Jays have yet to name
their game one start of The Dodgers are going with
Blake Snell. Vikings and Chargers play tonight to start Week eight.
That's your Bloomberg Sports Update.
Speaker 2 (10:00):
Stay with us more from Bloomberg day Break coming up after.
Speaker 1 (10:04):
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business Appum. This is Bloomberg Daybreak.
Speaker 3 (10:18):
Good morning, I'm Nathan Hager. It is a major new
bid to pressure Russia to end its war in Ukraine,
a major reversal for President Trump slapping sanctions on Russia's
two biggest oil producers, Rosneft and Luke Oil to try
to bring Vladimir Putin to the table. With Ukraine's Voladimir Selenski.
Speaker 4 (10:35):
These are tremendous sanctions. He's a very big there against
their two big oil companies. And we hope that they
won't be on for long. We hope that the war
will be settled.
Speaker 3 (10:45):
I was President Trump announcing the sanctions at the White House.
For more, we're joined this morning from Brussels by Bloomberg's
Richard Bravo. Richard, good morning. The President says, these sanctions
are big. How big are they? Walk us through what
the impact could be?
Speaker 6 (10:58):
Hi, Yes, this is a big deal. And what we're
seeing now is a coordinated push by Western allies, the EU,
the US, and the UK to really tighten the screws
on Vladimir put Putin and try to bring him to
the negotiating table. In their eyes, they really want to
get a cease fire, something which Trump has been pushing
(11:20):
for but has not been able to attain yet. So
the fact that Trump for the very first time is
imposing sanctions directly on Russia, it's a very big deal.
And we're seeing this is a European Union summit today
in Brussels. The leaders are very happy that this is happening,
and they see this as potentially a big move in
(11:43):
trying to convince Moscow to change its course.
Speaker 3 (11:46):
And in terms of that coordination, the European Union has
announced another round of sanctions of its own.
Speaker 6 (11:51):
Right, that's exactly right. This is the nineteenth package of sanctions,
which were adopted a little bit earlier this morning, just
hours after Trump made his announcement. And this also is
a very big deal. The ban will ban LNG imports
from twenty twenty seven. It will add more than one
(12:13):
hundred shadow fleet vessels to the sanctions list, and interestingly,
it will also target third countries that are helping Russia
evade sanctions, including Chinese companies. So a really big push
to try and change Putin's mind about how he's waging
(12:35):
this war.
Speaker 3 (12:35):
And we're seeing a big reaction in the oil market
as well, with both West sexis intermediate and brentcurtub about
five percent in the session just this morning. It's a
pretty big reversal from the previous stance of just capping
the price of Russian oil without trying to affect the flows.
Is this the kind of thing that could blow back
on Western economies.
Speaker 6 (12:55):
Well, what we don't know is how much Washington coordinated
with Brussels and other European countries, and as you say,
it is a surprise because we've seen countries like Germany
really pushed back against this kind of move because they
don't want it to blow back against their industry. What
is not known right now is what degree of coordination
(13:17):
there was before Trump made his announcement and whether these
countries were included and if we do see any pushback,
but right now we haven't seen anything just yet.
Speaker 3 (13:29):
This is the kind of thing as well that could
affect obviously buyers of Russian oil. President Trump has been
very critical, particularly of India and to some respects China
as well. What kind of impact could this have on
them and on the ongoing trade talks between the US
and those countries well.
Speaker 6 (13:48):
As is always the case with sanctions, it really comes
down to enforcement and if the US and its Western
allies do enforce these sanctions, and they do really go
after imposing secondary sanctions as you mentioned, on countries like
India and China, and this could have a very massive
effect and obviously that will trickle into any kind of
(14:10):
political discussions being had over things like trade. This is
a very big step and in terms of the EU sanctions.
We've seen China already push back against them, saying that
these are illegal moves, so we can definitely expect a
lot more on that front, is that they unfold.
Speaker 3 (14:29):
So you're raising the question about enforcement. Does that raise
a question for you about the seriousness of these sanctions
whether they will indeed be enforced not just by the
US but by the European Union.
Speaker 6 (14:41):
Well, that really remains to be seen, but all indications
are that they really want to tighten the screws, and
the US didn't need to do this, So it would
stand to reason that this is a move to try
and actually bring Putin to the table in a way
that he hasn't come before. So I think everyone is
(15:04):
expecting that this time things are a little bit different
than they really are tightening up measures.
Speaker 3 (15:11):
Well, that is the ultimate question, isn't it. Because we've
seen so many sanctions package is levied against Russia over
the last nearly four years now of this war, and
the Russian economy, as battered as it's been, has still
managed to work its way through the punishments that have
been put out there all this time. What's the likelihood
(15:33):
that Russia could sort of wiggle its way out from
under this latest round of sanctions.
Speaker 6 (15:38):
Well, that really is a million dollar question. And as
you mentioned, Putin is very good at evading sanctions. But
what does feel different this time is the US is
not sanctioned. Rose napped in Luke oil before, and these
are Russia's two largest oil producers. So the potential impact
(15:59):
is very, very big. But it does remain to be
seen what happens on the enforcement side.
Speaker 3 (16:04):
As far as the reaction that we're hearing from the
rest of the world. What are we hearing from Ukraine,
What are we hearing from some of the oil producers.
Have we gotten some of that response at this point.
Speaker 6 (16:15):
I've not seen reactions from the oil producers yet. But
Zelenski is attending the European summit in Brussels today and
on his way into the meeting, he seemed very pleased
with the moves and he applauded the joint effort to
bring Putin to task, and he said the American sanctions
(16:37):
are very important and that it's a good signal to
other countries around the world that they also need to
join this joint effort.
Speaker 3 (16:45):
And of course this is coming after the Ukrainian leader
was left sort of empty handed on the question of
getting tomahawk missiles from the US and his last meetings
with President Trump. In our last minute here, what does
that mean for the war going forward? It's still seems
like it could be a pretty complicated dance here.
Speaker 6 (17:03):
Well, negotiating with Donald Trump is always complicated, and he
seems to swing back and forth in terms of his
support for Ukraine and then battering Zelenski. So the EU
is really putting forward a concerted effort to try and
just keep pressing, pressing Trump and trying to bring him
on board, and it seems to work sometimes and then
(17:26):
he sort of swings back to the other side of
the pendulum. But right now Zelenski seems happy, the EU
leaders seem happy, So we'll have to see if it
sticks for a little bit longer this time.
Speaker 2 (17:37):
This is Bloomberg Daybreak, your morning podcast and the stories
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Speaker 3 (17:44):
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Speaker 2 (18:10):
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Speaker 3 (18:23):
And I'm Nathan Hager. Join us again tomorrow morning for
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